Industrial Securities: The global AR market is experiencing explosive growth, with optical waveguide technology leading the industry upgrade

According to the Zhitong Finance APP, Industrial Securities released a research report stating that global AR glasses sales are expected to reach 650,000 units in 2025, a year-on-year increase of 30%. Among them, optical waveguide information display AI+AR glasses will become the main growth driver. Diffractive optical waveguide technology, with advantages such as lightweight and high light transmittance, has become the most promising AR optical solution, while silicon carbide (SiC) substrate materials show outstanding potential in wear resistance and microstructure precision control. Chinese companies are rapidly expanding in the SiC substrate field, with local production capacity expected to increase by over 40% year-on-year in 2024. The main viewpoints of Industrial Securities are as follows: Sales Volume According to the Weishen Wellsenn XR research statistics, global AR sales are projected to be 500,000 units in 2024, with global AR sales in Q1 2025 expected to be 112,000 units. By region, AR sales in China are expected to be 180,000 units in 2024, while overseas AR sales are expected to be 320,000 units. It is anticipated that global AR sales will reach 650,000 units in 2025, a year-on-year increase of 30%. The main growth source for AR glasses in 2025 will come from the increase in optical waveguide information display AI+AR glasses, with global AR sales expected to exceed 1.5 million units by 2027. Multiple AR Display Technologies Coexist, with Diffractive Optical Waveguide Becoming the Most Promising AR Optical Solution The optical imaging module of AR near-eye display systems includes off-axis optical solutions, prism solutions, freeform surface solutions, BirdBath solutions, as well as array optical waveguide and diffractive optical waveguide solutions. Diffractive optical waveguide, with its lightweight, high light transmittance, and scalable mass production advantages, faces challenges in terms of field of view and color uniformity in the long run, but its enhancement in AR glasses display effects, wearing experience, and mass production yield cannot be ignored. Currently, the mainstream materials available for AR glasses lens production are resin, optical glass, and silicon carbide. Resin lens production technology is relatively mature and suitable for mass production, but its precision and stability are limited; optical glass is suitable for mid-to-high-end waveguide solutions, but glass lens density is relatively high, and processing yield depends on equipment precision and material uniformity; silicon carbide (SiC) has strong wear resistance and impact resistance, showing outstanding potential in meeting large field of view, high brightness display, and microstructure precision control, making it an emerging optical substrate material in recent years. The Global SiC Substrate Industry is Experiencing a Large-Scale Capacity Expansion Wave, with Mainland Chinese Enterprises Particularly Prominent Chinese companies are accelerating the construction of 6-inch and 8-inch production lines, with local production capacity expected to grow by over 40% year-on-year in 2024. The global SiC substrate market is showing a highly concentrated trend in 2024, with the combined market share of four major companies—Wolfspeed, TianKe HeDa, TianYue Advanced, and GaoYi Technology—accounting for 82%. Related Company Overview Currently, the development of the AR glasses market mainly relies on further penetration in the consumer market, with continuous development of optical waveguide and microdisplay technologies. AR glasses are expected to continue to become lighter and reduce costs, achieving large-scale deployment in the consumer market. It is recommended to pay attention to AR industry-related stocks: optical waveguide manufacturers: Goertek, Crystal Optoelectronics, Lante Optics, SuDa WeiGe; silicon carbide manufacturers: Sanan Optoelectronics, JingSheng Mechanical & Electrical, TianYue Advanced Risk Warning: Risk of intensified market competition; risk of technological progress falling short of expectations; risk of downstream demand not meeting expectations